Posted on 12/20/2022 11:34:59 AM PST by Attention Surplus Disorder
Natural gas has crashed by about 25% over the past week, from $7 to $5.38, and has been practically cut in half since $10 since Aug/Sept.
What happened? Nothing unusual, producers got off their butts and overproduced while prices were high and killed the shortage. But the shortages in NE are due as much or more due to the lack of transport infrastructure to that region than actual shortage of the commodity...which is measured at salt dome/storage in TX and the midwest, NOT at the end of the pipe in Billerica, MA.
This is a perfect example of the folly of listening to the newz, especially in light of German NG supply crunch news, and thinking that a trend will go on forever.
Can anyone from New England supply a NG price quote from say 3-4 months ago vs a current quote?
I'm interested in hearing from some New England FReepers as to how much local gas is being quoted at in the colonies, and what the differential is between quotes from earlier this year.
That’s why we export LNG!
That’s hopeful. But Duhhhhh Brandon wants to phase it out for all of us, not just for federal buildings. Look for gas troubles to continue, one way or the other.
My natural gas cost hasn’t crashed! Just got $270 bill for November!
Interesting post. Just got my utility bill and the gas portion is up 50% for similar usage from last year.
I am in this business. Biden cancelled 7 permits I was working on for pipelines to New England.
There’s an old saying economics that today’s economics gurus have forgotten, the cure for high prices is high prices.
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